Best pension providers

A private pension, or personal pension, is a type of pension you set up and manage yourself to save for retirement. You can have a private pension alongside, or instead of, an employer's workplace pension.

Private pensions work in a similar way to workplace pensions, but you're personally responsible for making contributions rather than your employer. You can make regular monthly payments or one-off contributions. Personal pensions are popular with self-employed people, but anyone can have one. Some employers will even agree to contribute to a private pension you've set up.

Yes, like any pension income, you'll be taxed on withdrawals. Depending on your drawdown option, the initial 25% is generally tax-free.

As of 2025, you can currently start making withdrawals from your pension from age 55, but this is set to increase to 57 from April 2028. Anyone claiming they can help you access your pension early is likely attempting to scam you, so be cautious of any suspicious promises.

There are two types of private pensions: a Personal Pension Plan, or a Self-Invested Personal Pension (SIPP). With a Personal Pension Plan, you appoint a pension company and they’ll select the funds to invest your pension into, or give you a set of options to choose from. With a Self-Invested Personal Pension, you choose where you invest your cash. You’ll still need to choose a pension provider, but afterwards you have full control over which funds, shares, or other assets to invest your money into. The best pension provider will depend on how you want to manage your pension, so be sure to research the different types and what different pension providers offer.